The Federal Reserve board recently raised its benchmark interest rate one-quarter point, with signals that further rate increases could be on the horizon.
Whenever the Fed increases interest rates, the cost of borrowing money rises. That means the monthly mortgage payment goes up for people who are buying a new home, and the total amount that needs to be repaid subsequently goes up.
Are you in the market to buy a new home? In terms of mortgage rates, now is still a great time to buy! Give us a call today to see how we can help.